There has been a recent increase in provision
of business courses offering a specific international flavor, developed
both in UK institutions and overseas. Indeed, universities previously
offering only traditional subjects are showing great interest in
this expanding and exciting field of study, with some institutions
enrolling as many as 50% of business students in new international
business programmes.
Numerous collaborations are taking place across universities from
all corners of the globe, and Business Schools are beginning to
respond to calls from employers for the promotion of a world view
of business, providing the necessary skills for the increasing number
of global managers now required in industry. Large organisations
recruit from Europe, the US and Asia, and many US companies are
specifically looking towards European Business schools to fill their
recruitment quotas.
Why study International Business?
Of current importance is the development of the multinational enterprise
and the impact of foreign direct investment as a vehicle for the
increased globalisation of business activity. Foreign direct investment
has become the fastest increasing productive unit in the UK Economy
recent investors in the UK including Toyota, Samsung and Nissan.
None of these multinationals are confined to solely Japanese manufacturing
companies, as the impact of new global technology and information
systems is leading to a wider range of opportunities. Indeed, Numura
securities in the Finance section, as well as the French car company,
Peugeot, provide an example of the diverse range of Multinational
Business activities in the UK alone.
Further liberalisation of trade has taken place through the various
round of GATT and European Union, with these trading blocs are committed
towards full removal of tariff and non-tariff barriers, and allowing
the free movement of labour and capital in the creation of a single
market. Similar agreements are taking place within the US, Canada
and Mexico, as well as Japan and the association of South East Asian
Nations. All these developments highlight the importance of understanding
international business in the 21st century.
Additional Opportunities
Students also gain many other benefits arising from the study of
an International Business degree, besides increased job prospects.
Some of these stem from the opportunity to work on projects in cross
cultural groups, learning new techniques arising from working with
people with a wider range of business cultures. In terms of curriculum
units, the International Business degree offers the opportunity
to gain fluency in another language such as Japanese, French, German,
Spanish or Italian. Particular emphasis is placed on the acquisition
of a foreign language in the business context, and some institutions
offer the opportunity to study two languages.
There is, however, much more to an International Business Degree
than foreign languages. The study of International Business includes
the development of skills whereby students learn to think in the
business context of another trading nation. There is much to be
learnt from how business is carried out across a wide range of newly
emerging markets, as well as gaining an understanding of various
business practices in the more affluent nations, including European
countries, Japan and the US. A wide range of international options
are available for study, including Global Environment Management,
International Marketing and Global Information Technology.
The study of International Business also offers the possibility
of studying and completing a work placement in another country.
European funding is available to support these programs; indeed,
over 60% of a poll of UK students studying business between 1991-1996
indicated the period of study abroad to be the most valuable experience
of their whole degree being both character building and rewarding.
Comparable academic units are chosen at a partner institutions and
credits can be transferred using the European Credit Transfer System
(ECTS) for those studying across Europe with other forms of credit
transfer now also being developed. After completion, students can
achieve a diploma or dual certificate from the partner institution,
thus providing an additional qualification to the initial degree
course.
Why Study International Business in the U.K?
The study of International Business is now proving to be more popular
than ever before in the UK, particularly in the light of recent
changes, not least the introduction of modularisation. This has
led to a wide range of options becoming available, and there is
now much room for flexibility. For example, International Business
can be combined with subjects such as English languages, Law and
IT, as well as the more traditional approach of combining with foreign
languages. Further, international business can be taken with or
without foreign languages, and students may choose whether they
wish to take up a study period or work placement abroad.
Some universities are pioneering the development of study periods
abroad taught in English, as well as providing opportunities to
study in a foreign language. This is an extremely useful development
for those who wish to achieve an understanding of how business is
carried out across other countries, but have a limited knowledge
of languages. These can also be taken up at various stages of the
degree programme, providing continuous access to the development
of linguistic skills. The International Business degree course can
then be completed in either 3 or 4 years, depending on whether students
decide to take up the Industrial Placement year. These initiatives
are increasingly being developed as new and exciting opportunities
arise from the opening up of trade.
Author: David Floyd, Course Director, BA International
Business, East London Business School, University of East London
This article first appeared in TransWorld Education
